Türkiye'de sermaye piyasası araçlarının kaydi değer haline getirilmesi ve örnek uygulamalar
Dematerialization of capital market instruments in Turkey and an analysis of international practices
- Tez No: 106655
- Danışmanlar: DOÇ. DR. HAYRİ KOZANOĞLU
- Tez Türü: Yüksek Lisans
- Konular: Ekonomi, Economics
- Anahtar Kelimeler: Belirtilmemiş.
- Yıl: 2001
- Dil: Türkçe
- Üniversite: Marmara Üniversitesi
- Enstitü: Bankacılık ve Sigortacılık Enstitüsü
- Ana Bilim Dalı: Sermaye Piyasası ve Borsa Ana Bilim Dalı
- Bilim Dalı: Belirtilmemiş.
- Sayfa Sayısı: 137
Özet
Özet yok.
Özet (Çeviri)
Dematerialization of securities, facilitates the registration and transfer of the ownership rights of securities on electronic records via an eligible Central Registry Institution, without the need of an official representation of the security in physical form. Thus, electronic records at the Central Registry Institution replace the certificates of physical securities, in the dematerialized system.“Dematerialization process and dematerialized securities”constitute the core subject of this thesis. Traditionally, historical development of“dematerialization process”has taken place in three steps: i) centralization of physical securities in one place and immobilization of the certificates; ii) issuance of jumbo certificates representing larger or whole nominal values of securities; iii) book entry settlement and custody. Dematerialization is a concept that has arisen together with the development and globalization of the securities markets. The huge values of securities issued by the issuers either in debt or equity form has made it impossible to keep and manage physical securities. In the developed capital markets, one of the first solutions to this problem was to create Central Securities Depositories for the fungible safekeeping of the physical securities. Later, jumbo certificates were used to overcome the physical custody problems. The securities centrally located in the vaults of the Central Securities Depositories were transferred, settled and were subject to custody in book-entry form. This was the last stop before dematerialization, as it was evident that the issuance of physical certificates was not necessary for book- entry settlement and custody purposes. As for Turkey, the Capital Markets Law (No:2499) was amended in December 1999 (by the Law No:4487, 15.12.1999.) The scope of authority and duties of the Capital Markets Board (CMB) are expanded and the dematerialization of the capital market instruments was regulated with this amendment. According to the amendment (arte. 10/A), capital market 126instruments and the rights linked to these, will be kept on the computer environment by a Central Registry Institution. The registration of the capital market instruments will be carried out by the Central Registry Institution, under the name of issuers, securities intermediaries (banks and brokerage houses) and securities owners. In case of any legal dispute pertaining to ownership and rights arising from the securities, when disclosure is required by Law and relevant Regulations, records of the Central Registry Institution will be valid at all times against third parties. The official establishment of the Central Registry Institution was finalized on 21.9.2001. The major shareholder of this institution is Takasbank (%65). Takasbank as of December 2001 handles the operational issues. This thesis examines dematerialization as one of the most important steps to provide higher reliability and transparency in the Turkish capital markets, which is also both a requirement of globalization and a recommendation of international organizations such as ISSA (International Securities Services Association) and IOSCO (International Organization of Securities Commissioners). Reporting that would be facilitated by dematerialization is further analyzed for taxation purposes, and for preventing fraud and money laundering. In the first chapter; the emergence of the terms“custody”and“settlement”, and the term“book-entry securities”are explained together with their historical development. Moreover, the adaptation of“dematerialized securities system”is discussed and detailed information is provided on the functions and services of Takasbank, which is the central securities depository and clearing settlement center of Turkey. Takasbank will be the provider of reliable, timely and accurate data on securities, investors and issuers to the Central Registry Institution, when dematerialization is adopted. In the second chapter; the recommendations of regional and international organizations that have the purpose of developing international best practices in the securities services industry as a whole, while providing a guidance for the local regulatory authorities are analyzed. Further, examples of Greece and France who already experienced the transformation to dematerialized system are examined in detail. At the end of the chapter, some important statistical information are provided on the organization and operations of cental securities depositories around the world who provide data to central registry institutions. 127In the third chapter, after having mentioned chronologically the development of legal regulations about dematerialization process in Turkey; the customer name based custody system of Takasbank which was established as the infrastructure of dematerialization; the possible future transition period and the efforts realized so far by Takasbank are explained and some information about the newly established Central Registry Institution are given. In the last chapter, the definitions of“non-registered economy”and“fraud and money laundering”are provided; related duties and responsibilities of Takasbank stated in the relevant rules and regulations are specified and the taxation practice on the dividend income and capital gains from equities are examined, from dematerialization perspective. In the conclusion part of the thesis; pros and cons, derived based on the analysis and examination realized throughout the study, are presented.
Benzer Tezler
- Türkiye iktisat politikalarının belirlenmesinde iktisadi kurum-kural ve kuruluşların rolleri
Başlık çevirisi yok
İBRAHİM GÜRAN YUMUŞAK
- Altın ile para arzı arasındaki ilişki ve Türkiye'nin ekonomik kalkınma sürecinde altını esas alan alternatif öneriler
The Relationship between gold and the money supply and alternative sucgestions based on gold during the economic development period of Turkey
TAŞKIN SUBAŞI
Doktora
Türkçe
1997
İşletmeMarmara ÜniversitesiMuhasebe ve Finansman Ana Bilim Dalı
PROF. DR. OSMAN ALTUĞ
- Enflasyonla mücadelede istikrar politikaları
Başlık çevirisi yok
BİLGİN ORHAN ÖRGÜN
Yüksek Lisans
Türkçe
1998
EkonomiMarmara Üniversitesiİktisat Ana Bilim Dalı
PROF. DR. OSMAN ZEKAYİ ORHAN
- Türkiye'de ipoteğe dayalı konut finansman sistemi
Mortgage based housing finance system in Turkey
ALPAY EKMEKÇİ
Yüksek Lisans
Türkçe
2016
EkonomiOkan ÜniversitesiGayrimenkul Geliştirme Ana Bilim Dalı
DOÇ. ABDULKADİR TUNA